Mubadala takes Egypt offshore stake

Egypt

CAIRO, January 22, 2021 – Abu Dhabi’s Mubadala Petroleum has acquired a 27% share in the Shell-operated Block 4 development in Egypt’s Red Sea area, the Emirati player said on Thursday.

Block 4 is situated in the Northern Red Sea near the prolific Gulf of Suez Basin. Shell holds a 63% stake in the block, and state E&P firm Tharwa holds the remaining 10%

The block, which comes under state concessionaire Ganope’s domain, was awarded in the 2019 Red Sea Licensing Round.

“The addition of Red Sea Block 4, marks a further extension of our Egypt portfolio with a new high impact growth opportunity alongside a world-class partner in Shell,” Mubadala CEO Bakheet Al Katheeri said.